What are Crytocurrencies

Cryptocurrency is a type of digital currency that is based on cryptography. Cryptocurrency uses cryptography for security, making it difficult to counterfeit. Public and private keys are often used to transfer the currency from one person to another.Cryptocurrency is considered a counter-culture movement. Cryptocurrency is essentially a fiat currency, which means it only has value if people agree to such and use it as a medium of exchange. However, because it is not tied to any country, its value cannot be affected by a central bank. In the case of Bitcoin, the most prominent functioning example of cryptocurrency, its value is determined by supply and demand in the market. As such, this currency behaves much like gold and other precious metals. -Source TechnopediaThe best place to start learning and pretty much the official source for information are the Bitcoin forums.

Mining

You can of course mine some bitcoin – a process covered in detail here – but unless you are willing to spend thousands on a mining rig, it’ll take too long to mine enough bitcoin to do anything with it.Most other cryptocurrencies are easier to mine, but if you really don’t want to get into mining, then you can swap cold hard cash for bitcoins without too much hassle, and from there the cryptocurrency world is your oyster.

Get a Wallet

f you want a more detailed look into how Bitcoin works, take a look at this great informative video that dives into the more complex functionality of Bitcoin.